Cadence Bank (NYSE:CADE) Receives $34.46 Consensus Target Price from Brokerages

Cadence Bank (NYSE:CADE) has been assigned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $34.63.

A number of research firms have weighed in on CADE. Jefferies Financial Group cut their price objective on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Hovde Group increased their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Stephens restated an “overweight” rating and set a $35.00 target price on shares of Cadence Bank in a research report on Tuesday, July 23rd. Truist Financial cut their target price on Cadence Bank from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Finally, Barclays raised their price target on Cadence Bank from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday.

Institutional Trading of Cadence Bank

Several institutional investors and hedge funds have recently made changes to their positions in CADE. GAMMA Investing LLC increased its holdings in Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares during the period. Rise Advisors LLC purchased a new position in shares of Cadence Bank in the 1st quarter valued at $34,000. Innealta Capital LLC bought a new position in shares of Cadence Bank in the 2nd quarter worth $138,000. Argent Advisors Inc. purchased a new stake in shares of Cadence Bank during the 1st quarter worth $204,000. Finally, Lavaca Capital LLC bought a new stake in Cadence Bank during the first quarter valued at about $207,000. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Trading Down 1.1 %

CADE opened at $31.29 on Monday. The stock has a 50-day moving average of $31.35 and a 200 day moving average of $29.38. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. Cadence Bank has a 12 month low of $19.67 and a 12 month high of $34.13. The firm has a market cap of $5.70 billion, a P/E ratio of 10.00 and a beta of 0.97.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, July 22nd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The firm had revenue of $742.87 million during the quarter, compared to analysts’ expectations of $439.63 million. During the same quarter in the previous year, the business earned $0.64 EPS. As a group, research analysts forecast that Cadence Bank will post 2.55 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date is Friday, September 13th. Cadence Bank’s payout ratio is 31.95%.

About Cadence Bank

Cadence Bank provides commercial banking and financial services. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized and asset-based lending, commercial real estate, equipment financing, and correspondent banking services.